According to the Summary of Budgetary Implementation released today, State tax revenues increased 6.8% from the same period in 2022 through March, totaling 11,997.1 million euros, or 22.4% of the budget.
According to information released by the General Budget Directorate (DGO), accumulated tax revenues have increased by 6.8% (767.9 million euros).
The accumulated tax revenue through March represents an execution rate of 22.4% relative to the State Budget for 2023 (OE2023).
In March alone, the net tax revenue of the State subsector increased by 7.9%, or 253.1 million euros, to 3,453.9 million euros.
The cumulative increase in tax revenue through March is partially attributable to the extension of payments for PIT withholdings (17.7 million euros) and corporate income tax (5.5 million euros) through March 2022, as well as the extension of payments for value-added tax (46.9 million euros).
Excluding these effects, tax revenue increased by 4.3% (494.5 million euros) according to the report, primarily due to the positive evolution of the personal income tax (IRS) by 12% (458.2 million euros) and the corporate income tax (IRC) by 11.8% (32 million euros), which was partially offset by a 17% decline in the tax on oil products (ISP) (-144.4 million euros).
Direct tax revenue increased by 13% year-over-year to a total of 4,589.3 million euros, primarily due to an increase in corporate income tax revenue to 303.2 million euros and personal income tax revenue to 4,287.4 million euros.
Meanwhile, indirect taxes totaled 7,407,8 million euros (+3.3%), with VAT revenue reaching 5,532.1 million euros.
The accumulated revenue from stamp duty increased by 6.1% to 504.4 million euros, and the accumulated revenue from the IUC increased by 16.9% to 124.4 million euros.
